Walmart-owned Indian e-commerce retailer Flipkart has proposed to purchase 100% shareholding of global online hotel and travel bookings aggregator Cleartrip.
Financial details of the acquisition have not been disclosed. According to local publications, the deal is reported to be around $40m.
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The transaction will allow Flipkart to offer diversified and expanded digital commerce offerings to its customers.
It follows a strategic partnership between Flipkart and Indian online travel company MakeMyTrip in April 2018.
Founded in 2006, Cleartrip offers a selection of more than 600,000 hotels for reservations around the world, as well as domestic and international flight tickets, and train bookings and other holiday packages.
Flipkart Group CEO Kalyan Krishnamurthy said: “The Flipkart Group is committed to transforming customer experiences through digital commerce. Cleartrip is synonymous with travel for many customers, and as we diversify and look at new areas of growth, this investment will help strengthen our wide range of offerings for customers.
“We welcome the Cleartrip team with their deep industry knowledge and technology capabilities to the Flipkart Group and look forward to providing deeper value and travel experiences for customers together.”
Completion of the deal is based on the receipt of approvals from regulatory authorities.
Cleartrip will continue to operate as a separate brand and all employees will be retained after the deal.
Flipkart will work with Cleartrip employees to develop advanced travel technology solutions for its customers.
Cleartrip CEO and co-founder Stuart Crighton said: “Cleartrip has been a pioneer in capitalising on technology to simplify the travel experience for our customers. This product-driven focus has enabled us to become the preferred travel partner of choice for consumers in a wide range of markets in the region.”
